Fee Simple: What Should You Charge?

If you are a freelance writer, then you know that the rates you charge your customers will go a long way toward determining whether you can make enough money to survive in this business or go out of business.

Yet, getting a good rate for your work can be difficult, especially in these challenging economic times where the competition for work is stiff and the opportunities limited, at least the good paying ones.

I don’t have a magic number when it comes to what you should charge as every project or assignment can be so very different. Back in the day when print writing ruled, you could charge $1 per word for a magazine feature article. What most people don’t tell you is that those jobs were given to writers whose bylines were well known to the publishing community.

Most of us wouldn’t be able to win these lucrative titles on a regular basis, but we might win one occasionally. The most likely scenario has us writing for those regional publications paying 25-30 cents per word, but even those opportunities seem fairly scarce lately.

So, how can you survive during these tough times? And, is it possible to charge enough to make a living without working 60 or 70 hours per week?

I can only offer advice based on what works for me. I realize my writing path isn’t the way you may want to go, but it should serve as a model from which you can build your portfolio:

Write For Yourself — I maintain several blogs, each of which focuses on areas highlighting my writing expertise. I write about the automotive industry, aviation, college/career, consumer issues and business primarily.  Though you don’t need to maintain multiple sites, having a place where you can demonstrate to clients your writing prowess is as important as maintaining a clip file. A blog can do that for you.

Score Big — Welcoming one or two high-paying clients beats having six or seven moderate paying clients. Then again, never have all of your eggs in one basket — eventually that basket may be turned over and with it will go your only source of income.  In any case a big client can be a tremendous motivator, just the psychological you need to advance your career.

Tier Your Clients — This point may sound contradictory to what I already said, but there isn’t anything wrong with having various tiers of clients. What I mean is this: go for a few big jobs, those paying at a minimum 25 cents per word, but preferably 50 cents or higher. If you could snag five or six of these each month, then you wouldn’t need to do anything else. Trouble is, you probably won’t therefore go after those people who pay by the article–$25 to $50 per pop–and make these gigs your primary sources of income. And, if you can stand them use some content mill work to fill the gaps. But don’t write content stuff if the pay is below $10 per article and you actually have to do some research!

These three approaches have worked for me. Admittedly, I’m not getting as many big gigs as I would like, but I do have two steady print journals who offer decent pay. Most of my work is from the middle of the road clients with, you guessed it, some content mill work thrown in.

See Also — Will You Be Reaching Higher In 2010?

Photo Credit: excl-zoo

April Musings & No Foolin’

I thought about writing an April Fool’s Day prank today, but quickly dismissed that idea from my tired mind. I’m certain that much of what you’re reading today is “foolish” enough without me adding my piece to the hilarity.

Instead, today is a good time to take stock in what you do. April 1 may be a day for mirth, but it is also the first day of the second quarter of the year. That means you have already expended one-fourth of the year which leads to my transitive question:

How is it working out for you?

Granted, you may not have run your quarterly (or monthly) reports yet or have paid scant attention to your checkbook. I understand that—this is a busy week for a lot of people who are observing Passover or Holy Week and are occupied with matters well beyond this earthly realm.

What I am suggesting is that when you get a quiet moment next week or after April 15 (when your taxes are due), to reassess everything. That’s what I am planning to do and have already marked it on my calendar. April 21 is the day I will review the first quarter and adjust my plans for the coming months.

Periodically, I review my writing business to see what works and what isn’t working. Usually, I need to only tweak a few things and move on, but if a customer has gone away or if new business has arrived, then I am adjusting accordingly already.

Some things to be watchful for:

Payments – I had a week in March where everyone who owed me money was late. No, they were not late according to our respective agreements, but at least one customer waited until the last possible moment to make payment. I can handle that, but not people who have missed their deadline entirely. Reminders were sent out to everyone else except to one customer who is hanging on by a thread. That conversation will take place next week when I expect to ask the ultimate question: are you planning to pay me or is this the end of the line? Take a look at the payment habits of your customers to see if a certain pattern has emerged; take action if these changes are impacting you adversely.

Schedules – For one customer I’ve moved my writing schedule from the first week of the month to the second week. Thankfully, this customer has given me that flexibility as the first few days of the month tend to be hectic. Review your personal schedule to determine if deadlines are bunched together, causing you much stress. If they are not, but you’re still stressed, artificially move up one deadline to complete an important project well before it is due. You can still submit it just before the due date, but you will have it finished before the editor comes a calling.

Queries – I have noticed that some of my magazine clients are cutting back, with at least one struggling to stay in business. This comes as no surprise to me as the transition from print to web publishing continues unabated. Certainly, some publishers want their regional or niche print magazines to survive, but market forces are dictating otherwise. Now is a good time for freelancers to explore who is making a name for themselves online, hitching a ride to a rising star while letting old and ineffectual projects die a merciful death. The operative word here is ineffectual—stay tethered to your good clients.

The business management end of freelance writing seems to intrude on what we love to do: write. But, if you keep that aspect of you work under control, you’ll find that you have more time to put pen to parchment or at least keystroke to screen, creating your best work while getting paid what you deserve.

See Also: Write Often To Write Better